Even before Nair's demise, the company had already sold off its luxurious Kovalam property and an IT Park in Chennai. But the high level of debt forced the company to keep exploring sale of properties.

"This increase in price is purely inflationary and we are certain that the two global iconic brands, Jaguar and Land Rover, will continue to attract existing and new customers," Jaguar Land Rover India President & Managing Director Rohit Suri said in a statement.